Immigrants retire later than Canadian-born workers, which helps smooth out the wave of retirements. In particular, immigrants aged 55 and older have a much higher activity rate than their Canadian-born counterparts in the same age group.
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According to our calculations, the average retirement age of immigrant workers in the last decade is around 66 years old. That is, two years later than the average retirement age of Canadian-born workers, which is 64 years old.
However, delayed retirement is not always positive for workers, especially when it is due to affordability issues or the need for savings, rather than choice. However, the higher performance of older immigrant workers has been accompanied by better results in the labor market. Wage and employment differences between immigrants and Canadian-born workers have decreased over the past decade.
The average retirement age of Canadian-born workers is 64 years old.
By the end of 2023, the nominal income difference between immigrant workers and Canadian-born workers had dropped to its lowest recorded level. A recent report from Statistics Canada cites several factors driving these improvements, including changes introduced in the immigrant selection process since the early 2010s and a relatively strong labor market context in the late 2010s and in 2022. The nominal wages of immigrant workers are still lower than those of Canadian-born workers in most professions. However, in specific fields such as natural and applied sciences and arts, culture, and leisure, they are earning higher hourly wages.
Immigrants have contributed and will continue to contribute to the growth of Canada’s economy. If you want to contribute to the strengthening of this country, contact Canadian Visa Expert. They work with authorized immigration consultants, who can analyze your situation and tell you what you need to do to immigrate.